The Super Bowl has long been the most wagered-on sporting event in America. In Las Vegas alone, nearly $115 million was bet on last year’s game, a total that’s estimated to be a tiny fraction of the overall amount wagered when illegal betting is also factored in.
It could be even higher this year, and increasingly, more of that figure is made up of proposition betting. Accounting for an “insignificant” amount of Las Vegas’ handle as recently as 25 years ago, props have boomed over the last decade or so and now account for more than half of the action at the world’s largest sportsbook on the busiest day of the year.
“Years back it used to be maybe 25 percent,” said Jeff Sherman, assistant manager at the Westgate SuperBook. “Way back before that it was insignificant. It’s gradually risen to get to a point to be over 60 percent of what we write. It just speaks volumes about what the props mean from a business standpoint for the books.”
Assuming that 60 percent figure holds elsewhere, that means nearly $70 million was wagered on Super Bowl props last season. For perspective, consider the total handle in Las Vegas in 2003 was $71.6 million.
Along with Jay Kornegay and Ed Salmons, Sherman said the group now running the Westgate SuperBook began expanding their offerings when the trio was at the Imperial Palace in the early 1990s, but props became a real phenomenon in the last 15 years.
Their popularity cuts across all types of bettors, Sherman said, with the sophisticated value players pouncing early on bookmakers’ mistakes and visiting gamblers typically betting the opposite side when they arrive the weekend of the big game.
This year, the Westgate is offering well over 300 props, with everything from alternate point spreads to the total receiving yards either team’s third-string tight end will gain. How much more could they add?
Probably not many.
“At the point we’re at now, you could make some more,” Sherman said, “but we’re almost at the saturation point with how many we offer.”
PROPS, PROPS, PROPS, PROPS, PROPS
Prop betting was the topic du jour on Wednesday.
- The Sporting News’ Linesmakers broke down the most popular props in terms of ticket count and money wagered.
- Harvard sports analytics‘ team tackled the best Super Bowl 50 prop bets.
- ESPN Chalk’s SB50 betting guide (including, of course, their favorite props).
- Cousin Sal joins The Bill Simmons podcast to talk props.
- Orange is the favorite in Gatorade props.
AROUND THE WEB
- Sports betting “mutual fund” could be less than a month away from placing its first wager.
- We’re now two weeks away from the New Jersey sports betting hearing.
- Carolina is still getting the bulk of the support, but the disparity in terms of overall tickets is becoming less lopsided.
- Indiana became the second state to pass a DFS bill out of a legislative chamber Wednesday, as the Senate approved legislation that would make daily fantasy sports legal and regulated in the state. It now moves to the state house.
- Sports Insights updates its ongoing look at NBA Rookie of the Year odds. Looking like a three-man race between Karl-Anthony Towns (-250), Kristaps Porzingis (+210) and Jahlil Okafor (+650).
- DraftKings has signed marketing deals with two English Premier League teams, including Arsenal FC. CNBC reported that the DFS site’s UK launch, which was originally scheduled for October and re-set for Wednesday, has been pushed back due to “ongoing technical issues.”
- Industry legend “The Greek” reportedly receives one year probation.
- Poll: 65 percent of fans support regulated sports betting.
LOOK WHO’S TALKING
“The sports books in Nevada handled $115 million on last year’s game and the record was set two years ago when Seattle overwhelmed Denver. I think this year we’ll challenge that record. Sports betting is more popular than ever by the numbers we’re seeing this year.” —VP of Westgate Las Vegas Jay Kornegay on the action on this year’s Super Bowl
TWEETS OF NOTE
More ViewFromVegas of #SB50 line: @LVSuperBook, @WilliamHillUS & @SouthPointLV all dipped from Carolina -6 to -5.5 vs. Denver this afternoon
— Dave Tuley (@ViewFromVegas) February 3, 2016
Boxing
Saturday, May 7, 2016
at Las Vegas, NevadaAmir Khan +300
Canelo Alvarez -360— Jeff Sherman (@golfodds) February 3, 2016
Super Bowl Trends via @PinnacleSports
Spread (5.5)
CAR 39.4%
DEN 60.6%Moneyline
CAR 52.4%
DEN 47.6%Total (45)
Over 65.6%
Under 34.4%— Sports Insights (@SportsInsights) February 3, 2016
ODDS & ENDS
- On the heels of DraftKings’ exit from the state, Hawaii has been added to the list of excluded states for FanDuel.
- Kids love Cam Newton, even if their parents don’t.
- Bloomberg has a pretty wild story on the background of the company that manufactures the coin for the Super Bowl coin toss.
- Peyton Manning to the Rams?
ODDSMAKER’S TAKE
“My strongest position on this game, is I like the under. We just saw a drop in the totals (Wednesday); a lot of the 45.5s dissipated, now it’s 45-even, even some 44.5s showing up,” Westgate’s Jeff Sherman, talking Super Bowl 50 on Sportsbook Radio.